Newark Bears file for bankruptcy

The Newark Bears minor league baseball team filed for bankruptcy, saying they owe their biggest creditors more than $4.6 million, including $3.4 million to its mortgage company and more than $800,000 to Essex County.

Tony Kurdzuk/The Star-LedgerView from the top of the center field at Riverfront Stadium.

The team's stadium opened in 1999 with great fanfare and marked the return of professional baseball to Newark after a five decade absence. But after a packed opening night, attendance at the stadium never took off.

Newark and Essex County financed the construction of the $30 million Bears and Eagles Riverfront Stadium with the sale of bonds. Later, remaining bond funds were used to build a parking deck that is leased out to surrounding businesses during the day. The city and the county now share a more than $1 million annual debt payment.

Team owner Marc Berson and Essex county executive Joseph DiVincenzo both said over the weekend that baseball will remain in Newark despite what may happen to the Bears.

DiVincenzo said he was looking to possibly help arrange a sale of the team and that at worst, local colleges and high schools could use the stadium for games.

The team filed for bankruptcy on Tuesday. Under Chapter 11 bankruptcy, a corporation is allowed to continue functioning while it undergoes a financial reorganization and creditors are repaid.